The COVID Project
The record
- Jurisdiction
- New York
- Level
- Sector regulator
- Authority
- Executive Law 29-a; EO 202.9; Financial Services Law 202, 302; Banking Law 10, 11, 14, 39(2), 590
- Issued
- 2020-03-24 Mar. 24, 2020
- Effective
- 'to take effect upon the filing of the Notice of Emergency Adoption with the Secretary of State' (March 2020; captured Mar. 29, 2020) (read as 2020-03-29)
- End
- For the duration of EO 202.9 'which may be extended'; superseded by statute (ch. 112 and 126 of 2020) per EO 202.48 (July 6, 2020) (read as 2020-07-06)
- In force
- Mar. 29, 2020 to July 6, 2020
- Quarters
- 2020 Q22020 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Other
- Addressees
- every New York regulated banking organization and New York regulated mortgage servicer
- Functions reached
- SV servicing and forbearance
- ML mortgage lending
- BR (fee restrictions)
- Collection
- New York NY
Operative words
The measures responsive to the disaster emergency, required to protect the health and safety of New Yorkers, limit the ability of many people to earn a livelihood.... 119.3 COVID-19 Relief Program (a) Pursuant to Executive Order 202.9 and for the duration specified therein, which may be extended, New York regulated institutions are required to, in addition to adhering to the servicing [standards, make applications for forbearance widely available and grant them in all reasonable and prudent circumstances]
Enforcement
Banking Law 39 (unsafe and unsound practice); DFS supervisory authority
Notes
The regulator's own finding that the State's measures 'limit the ability of many people to earn a livelihood'
Retrieval noteAdoption date stated as Mar. 24, 2020 from the filename convention and capture; the text itself carries no date.